Published on: June 6, 2016

Contract win in Australia

StatPro has announced a £2.3 million contract win with a large Australian financial institution for the provision of its Revolution platform including the Performance module. This is a significant win which will increase the Group’s presence in an important market where (as elsewhere in the world) growing regulatory requirements are driving demand for compliance solutions. StatPro was the first vendor to offer a turn-key solution for new risk measurement regulation there in 2015. We expect the contract to start producing revenue in the current year and note that the launch of Revolution Performance is still scheduled for Q3 2016. This contract underpins our estimates for the current financial year and FY17E – both of which already include some growth assumptions for anticipated contract wins. Consequently, we make no adjustments to estimates at present but note the continuing positive momentum in the business following an in-line Q1 2016 performance and the two acquisitions made so far this year.